Independent News & Media has secured more time from its lenders to hammer out a deal on a €200m bond which was due for repayment in May.
In May, INM secured a 'standstill' agreement from bondholders, but this ran out today. INM says all of its bank lenders and more than 81% of bondholders had agreed to an extension to July 24.
The company says arrangements are also in place to provide it with enough funds to see it through the new period.
At the group's AGM earlier this month, the chairman of INM expressed optimism about the prospects for a deal with bondholders. Chairman Dr Brian Hillery told shareholders that, based on talks so far, the directors believed terms would be reached which would be 'acceptable to the group and fair to all parties'. He added that the talks were covering a 'comprehensive' restructuring of INM's debt arrangements.
Shares in INM closed two cent higher at 25 cent in Dublin.
